Paras Defense IPO opens on September 21, price range set at Rs 165-175

New Delhi: Paras Defense and Space Technologies’ initial public offering will hit the primary market on September 21, Tuesday. The company has set a price range for the offer at Rs 165-175 each.

The issue consists of the issuance of new shares with a value of Rs 140.6 crore with a par value of Rs 10 each and an offer to sell (OFS) of a maximum of 17 24 490 shares by the promoters of the society.

At the higher end of the price range, the promoters OFS stands at Rs 30.17 crore and the company plans to increase Rs 170.77 crore from the IPO.

Those offering shares in the OFS are existing investors including Sharad Virji Shah (1.25 million shares), Munjal Sharad Shah (50,000 shares), Ami Munjal Shah (3.00 shares) and Shilpa Amit Mahajan and Amit Navin Mahajan (62,245 shares). each).

Paras Defense and Space Technologies raised Rs 34,402 crore through a pre-IPO placement of 25,528,598 shares.

Investors can bid on a minimum of 85 shares and in multiples of 85 shares thereafter. The number will be closed to subscriptions on Thursday 23 September.

The net proceeds of the new issue will be used for the purchase of machinery and equipment, the financing of additional working capital requirements and the repayment of debts in addition to the general objectives of the company.

Paras Defense is engaged in the design, development, manufacture and testing of a wide range of defense and space engineering products and solutions, covering four main segments: defense optics and space, defense electronics, electromagnetic pulse (EMP) protection solutions and heavy-duty applications. engineering.

The Navi Mumbai-based company is also India’s sole supplier of critical imaging components such as full-size optics for space applications. It has two manufacturing plants in Maharashtra.

Up to 50% of the total offer is reserved for qualified institutional buyers and 15% for non-institutional investors. The remaining 35 percent is allocated to retail investors.

The company appointed Anand Rathi Advisors to handle the issue. Link Intime India has been appointed as the show’s registrar.

Source link

About Arla Lacy

Check Also

IPOs expected in May: LIC IPO on track, 10 companies heading to D-Street in May

Mumbai: With Life Insurance Corporation’s IPO, the largest to date in India, about 10 companies …